Morgan Stanley's
(MS) - Get Report
commodities build-out continues.
The Wall Street firm entered exclusive acquisition negotiations with Heidmar Group, a marine transportation and logistics services company, a press release said Wednesday. The terms of the proposed deal were not disclosed.
Heidmar is headquartered in Darien, Conn.
Morgan Stanley is buying Heidmar through Morgan Stanley Capital Group, the firm's commodities trading group, which is responsible for energy and metals trading as well as its investments in fixed assets. Heidmar's business segments include vessel and derivative trading, commercial ship and pool management, lightering services and marine logistics services.
The release said that senior management at Heidmar would stay in place.
Recently Morgan Stanley was in a bidding battle with privately held oil-transportation firm SemGroup for the oil and gas supply-chain company
TransMontaigne
(TMG)
. The takeover drama began in March, when Morgan Stanley offered $8.50 a share for the company. On Monday, Morgan Stanley offered $11.35 per share for TransMontaigne, a 33.5% premium to its original offer, and SemGroup said that it would not counter that bid. TransMontaigne is also being acquired by Morgan Stanley Capital Group.
